New research from the Institute for Fiscal Studies, published by the Department for Education, provides detailed analysis of the returns to studying for a degree, by subject and institution.

The study found that, among men, those studying economics at Bristol enjoyed the highest returns of all graduates, with earnings more than two and a half times those of non-graduates. Among women, studying economics also yielded high returns, although maths at Oxford topped the table.

Overall, the returns to a degree are positive: Women with a degree earn on average 28% more than non-graduate women while for men the figure is 8%. But there is huge variation by institution and by subject.

The research uses tax return data to compare the earnings of graduates at age 29, compared to non-graduates. The analysis controls for differences in prior educational attainment and family background.